MARKET TARGETING

By :Raju Lama13 Jan, 2015

MARKET TARGETING

- Target market is group of customer towards which business has decided to aim its marketing efforts and lastly sells its goods/products.

- Allows marketer/sales team to customize message to targeted group in focused manner.

MARKET TARGETINGTHIGS TO REMEMBER WHILE MARKET TARGETING

Criteria Size: The market must be large enough to justify segmenting. If the market is small, it may make it smaller.

Difference: Measurable differences must exist between segments.

Money: Anticipated profits must exceed the costs of additional marketing plans and other changes.

Accessible: Each segment must be accessible to your team and the segment must be able to receive your marketing messages

Focus on different benefits: Different segments must need different benefits.

MARKET TARGETING

STARTEGIES FOR REACHING TARGET MARKET

A. MASS MARKETINGTo convey message to largest no. of people.Ignores market segment difference and go after whole market with one offer.Eg : by radio, tv, newspaper etc.

B. DIFFERENTIATED MARKETING STRATEGYCompany provide separate offerings to each different market segment that it targets. Each segment is targeted uniquely.

C. CONCENTRATED MARKETING OR NICHE MARKETINGFocus to select a particular market (niche) and target marketing effort on it only.

D. DIRECT MARKEINGBest way to reach out to target markets through direct markeing.done by buying consumer database. Database comes from email, mobile no, home no. etc

E. PRODUCT SPECIALIZATIONBusiness specializes in a particular product and tailors it to different market segments.

F. MARKET SPECIALIZATIONSpecializes in serving a particular market segment and offers that segment an array of different products.

MARKET TARGETING

ANY QUESTIONS….